What is the difference between using md5 and password_hash in PHP for storing passwords?

When storing passwords in PHP, it is recommended to use the password_hash function instead of md5. The md5 function is considered insecure for password storage because it is a fast algorithm that can be easily brute-forced. On the other hand, password_hash uses a secure hashing algorithm (bcrypt by default) that incorporates salting and stretching, making it much more secure against attacks.

// Using password_hash to securely store passwords
$password = "mySecurePassword";
$hashedPassword = password_hash($password, PASSWORD_DEFAULT);